Drax Group Rating Reiterated by Bank of America Corp. (DRX)
Drax Group (LON:DRX)‘s stock had its “buy” rating reiterated by investment analysts at Bank of America Corp. in a note issued to investors on Tuesday, AR Network reports. They currently have a GBX 775 ($12.53) price objective on the stock. Bank of America Corp.’s price target points to a potential upside of 15.41% from the stock’s previous close.
Shares of Drax Group (LON:DRX) traded up 2.28% during mid-day trading on Tuesday, hitting GBX 671.50. 931,855 shares of the company’s stock traded hands. Drax Group has a one year low of GBX 465.533 and a one year high of GBX 722.00. The stock’s 50-day moving average is GBX 683.2 and its 200-day moving average is GBX 630.3. The company’s market cap is £2.699 billion.
Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Drax Group in a research note to investors on Friday, October 18th. They now have a GBX 770 ($12.45) price target on the stock. Separately, analysts at Credit Suisse reiterated a “neutral” rating on shares of Drax Group in a research note to investors on Wednesday, October 16th. They now have a GBX 690 ($11.16) price target on the stock. Finally, analysts at HSBC reiterated a “neutral” rating on shares of Drax Group in a research note to investors on Monday, October 14th. They now have a GBX 680 ($11.00) price target on the stock, down previously from GBX 735 ($11.89). Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of GBX 728.60 ($11.78).
Drax Group plc is the holding company of the Drax group of companies. The Company is engaged in the generation and sale of electricity and by-products of the electricity generation process at Drax Power Station, Selby, North Yorkshire and the sale of electricity to business customers by Haven Power Limited (LON:DRX).
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